Rupert Murdoch Gets His $5.6 billion Dow Jones Space: Entertainment Means Business
Rupert Murdoch, Chairman & CEO of News Corporation pledges to be a “strong custodian” of the “world-class journalism” of Dow Jones, to the tune of approximately $5.6 billion.
The two companies have signed a definitive merger agreement, and an editorial agreement:
“The establishment of a five-member, special committee with the objective of assuring the continued journalistic and editorial integrity and independence of Dow Jones’ publications and services. The initial members of the special committee will be Louis Boccardi, Thomas Bray, Jennifer Dunn, Jack Fuller and Nicholas Negroponte.”
What does Richard Zannino, CEO of Dow Jones, like about Murdoch? His money and his salesmanship:
The transaction will deliver significant returns to our shareholders. It will also build on our recent, industry-leading earnings growth and make our company and journalism even stronger as our strengths are leveraged across News Corporation’s powerful global distribution and marketing platforms,
Murdoch is eager to build out ”one of the world’s greatest media franchises”:
With a portfolio of brands that has no equal in financial information and business journalism, in combination with News Corporation’s assets, The Wall Street Journal and the other Dow Jones operations will be even more formidable competitors as we profitably extend their invaluable information across our print, broadcast and digital platforms around the world.
L. Gordon Crovitz, Dow Jones’ Wall Street Journal publisher is on board:
I hope that as part of a larger company we can extend our journalism more broadly, to serve more readers better.
Crovitz can count on one guaranteed extension: Welcome Tom Anderson, Dow Jones’ newest friend!
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